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to go to members of the diplomatic community. ambassador from greece, ambassador from cyprus, and ambassador from malta. and, of course, a special welcome to ambassador alexis tsipras, the u.s. ambassador to hungary. so many of you are here. i know many were here for the inauguration, the first working day of the second term. our first major event here at brookings in the second term. and yesterday president obama's second inaugural address has already called a manifesto for liberalism, bolstered his supporters on a range of issues, and his credits are already complaining he is preaching to the choir, or worse, that he reaffirmed the worst feelings, that he is a socialist. and president obama anticipated that criticism by putting his talk into the context of his include ongoing skepticism of central authority, and calling it a fiction that all societies ill can be served through government alone. and as the u.s. looks around the world today, president obama highlighted a few big challenges, asia, africa, latin america and the middle east. but, frankly, americans are used to t
, 2010, which is when greece received its first bailout funded by the international monetary fund and eurozone countries. and since then, the crisis has spread throughout the eurozone to several other countries: ireland, then portugal, now spain and cyprus, and reaching italy, uh, and has mutated from a strictly sovereign-debt government crisis to a banking crisis and sort of sectoral crisis. >> the origins of the european debt crisis are multiple. the approximate cause was the fact that many countries recently have had a large increase in budget deficits and there's lots of public debt to levels that are unsustainable. in some countries this was due to bad fiscal behavior, too much spending, too little taxes like in greece, but in other parts of the eurozone, like spain or ireland, the problem was that there was a bubble in real estate and housing. when the bubble burst, the countries went into a recession. when there is a recession your deficit increase, then you have to bail out banks, financial institutions, and the private losses get socialized. it happened in the u.s. and th
, should be vigorouslsl pursued and the culprits punished. greece, meanwhile, is still struggling to get back on its feet financially. the country would desperately like to have more tax revenues, but it is not enough to just raise taxes for private households. companies would also need to pay their fair share, and there are greek companies which are still doing well despite the financial crisis. but not all are willing to foot the bill for others. that is why some companies are relocating to switzerland, for instance. >> 66-year-old george moved to switzerland 20 years ago to set up a software company in geneva. he made over 200 million euros. now, many of his fellow greeks are looking to follow in his footsteps, and he can see why -- not only does he love the beautiful swiss countryside and the country's efficiency, he also appreciates its low rate of taxation. >> it is not illegal, but morally unacceptable that in some comfort -- countries, you have to pay 50% tax. anybody who wants to have a good quality life -- i find it proper no more. it has to do with tax. >> tax regulation is es
great britain and france are fighting at sea again. refuge at flight -- why asylum seekers in greece want to leave. and good will bringing russians and czechs together. the sad truth is european waters are overfished. another sad truth is europe is failing to take adequate action. yes, the european union is trying to replenish endangered fish stocks by setting limits on how much each eu state can catch of what kind of fish, but there's fierce debate over those quotas every year, and there are some types of fish that are not covered by fishing regulations at all -- scallops, for example. the eu says that since shellfish do not migrate, it is up to countries like britain and france to decide for themselves what is sustainable, but now it seems a scallop war is brewing in the english channel of mid resentment over who fishes what and where. >> this coastal town in southwest england has been provided for by fishing. out at sea, the crew of this trawler had a confrontation with french fisherman staking a claim to the scallop beds. captain smith was quite shaken by the experience. >> espec
with the german chancellor. he highlighted the enormous efforts being made by the people of greece to meet the conditions of its international bailout, and some 90 of by saying, "we are delivering. europe is helping." >> merkel -- merkel is praising athens' austerity drive and says the entire european union faces difficulty in the months ahead to overcome differences. >> a wet and blustery berlin awaited the greek prime minister. he was in the german capital awaiting a conference organized by the newspaper, but he also dropped in on chancellor merkel for what were described as informal talks. samaras said greece was still doing all it could to get its economic house in order. >> in greece, we are making enormous effort and great sacrifices to get things back on the right track. we are doing everything we can to regain our credibility -- credibility with the other european nations and with the markets. >> the german chancellor believes the only way for greece to get its credibility back is far-reaching reforms. that has made her the target of many anti-austerity demonstrations in greece. th
country is unique. this is something they didn't want to see. greece adding the situation by longtime mismanagement on the fiscal side and raid the banks. in the case of ireland, it was the banks the drag the sovereign is -- sovereign as. in the case of portugal, with some portuguese in the audience here, it was basically a decade of no growth in portugal. in the case of spain, it was a bubble in real estate that was financed by mainly the savings and loan institutions, some of which have gone under, a number have gone under. and a government that basically drove up the deficit, and regional governments because regions are very important in spain, also drove up this problem with big deficits. and they weren't attended to. and so, in each one of these you have somewhat of a different reason. the case of italy, a debt to gdp of over 120%, and growing, and the lack of action and trying to do anything about it by the former government. he came in as a technician. technicians are great. whether it be greece or italy will be seen this. there'll be elections in italy and we will see how we d
gas. from athens. >> in greece, good news is hard to come by but the deposits of natural gas and oil that geologists' lie waiting to be found. a report by germany posted a which a bank says that if proven, this could eventually be worth hundreds of billions of dollars. the only energy extraction company currently produces just enough oil to stay afloat from a single existing fields in the sea. with help, things could be very different. >> we need oil and gas companies to come to greece to work together with us. we know the country. we know the geology. corporations would be very welcome to open of the parts of greece and hopefully find the big oil and gas fields that will make the difference. >> it is a tantalizing prospect. there's a pay a fortune. it could exist naturally in abundant quantities also been the country's grass. a tantalizing prospect but years away from producing any tangible benefit. >> we will have an indication following the explanation. it is off the possible positions, magnitude, constitution. >> fortunes have been made by shipping magnate on the surface of the b
, the you chose not to abandon them, but greece continues to have to make drastic cuts, leaving marks that are visible throughout the country, including a long one of the world's most famous routes -- along one of the world's most famous routes. ♪ >> at precisely 42,195 meters long, this is the route that has become the standard for all marathon runners. the course was inspired by a 2500-year old myth, only today it is run on asphalt along with the capital's main roads. this is the bay where it said the legendary battle took place in 490 bc. it marked the first greek victory over the persians. according to legend, the athenian warriors gathered in a phalanx formation and managed to fight off a persian invasion. then a messenger ran the 42- kilometer distance to athens with news of the victory. at the local museum, the marathon's legacy is omnipresent. more modern-day hellenistic heroes have also been demoralize here. for instance, marathon runner who won the first olympic marathon in 1896. >> exactly like the car which they gave to the winner. >> at the eight-kilometer mark, there a
in greece. >> the greek tragedy continues as the country comes to a standstill in a massive strike just days after the greek finance minister tells us things are looking good. this is the last year of recession, he said. the problem is that nobody seems to have told that to the millions of greek's on the ground -- greeks on the ground. it is midday in london, 2 p.m. in damascus, where syria has accused israel of carrying out an airstrike in its territory. there has been a reaction from bashar al-assad's allies in moscow. the foreign ministry there has condemn the attack. there is mounting concern about the react -- retaliation in israel itself. there are competing accounts of exactly what the targets were. it is thought that israel was trying to prevent the transfer of weapons to hezbollah militants in the area. >> israel has refused to comment on the reported out -- airstrikes. it always does. syrian state tv carried a military statement. the jets came in flying so low they could not be seen by radar. it gave details of what it said happened. syria's official version is that the jets struck
precipice. we saw it with greece, we saw it with the fiscal come basket. they love this word fiscal every time they want to do a deal. we've seen it again and again, and the warning from the market. won't come this week i won't believe. looking at mid to late january, early february. debt ceiling. the debt ceiling is the one to keep your eye on. >> senator rand paul, the son of ron paul, on tv last night making some comment about debt we carry in the united states. absolute debt per person being greater than absolute debt per person than greece and that's why the united states was going to become greece. i was so incensed that i lost the little hair i had left on my head. the united states will never not be able to pay its bills and meet obligations, because the united states has a remarkable printing press for money. >> absolutely. a remarkable printing press for money. a multitrillion dollar economy, a vibrancy and flexibility of the workforce. a single language. all sorts of structural and systemic reasons why it will grow. and i mean, hallelujah, the u.s. growing 2% to 3% is the savio
and tlhreats that ae happening in that country. >> this is the scariest part. i assume we will become greece. i hope we can avoid greece. the reaction of people in greece is not to say gee we messed up we spent too much. it's to be angry about the politicians who want to cut back a bit and how do they take it out? they bomb the homes of tv commentators who support some cuts. >> it's the guy in the box. get rid of him. >> that's the model for us? >> unfortunately that's the road we are headed down. i live in california and we see it coming even faster. we are on the coast we shouldn't be that close to greece but we are. >> you are another model for failure. thank you. >> thank you very much. at least you said i was a model i take that as a compliment. you should send me to greece. i studied in greece. i actually love greece. understand the greek people. i will go from i will show the problems i will come up with potential solutions and we will solve everything together. >> we will have to talk about that. thank you, kennedy. >> later in the show the president's own worst. >> america has a debt p
each year that we don't have, where we now owe more per person than they do in greece. in some measurements we're worse off than greece now, and this deal will do nothing to help reduce the deficit. >> happy new year to you and everyone out there. thank you for joining us. pass along my best regards to your dad as well. >>> ali velshi is still with us. i know you disagree strongly with some of the comments that we heard from senator paul. >> very strongly. i want to clear up something because senator paul says others say it too. he referred to, we have more debt per capita, per person than greece does. he's not -- that's not untrue. greece is the 32nd largest economy in the world. the u.s. is the largest economy in the world. our gdp per capita is the eighth in the world. greece is the 32nd or something like that. everything we have is bigger than greece. the idea we will be like greece is just entirely incorrect. greece can't issue its own bonds, the u.s. can. the u.s. can borrow money at a rate of about 1.7% for ten years. he has a lot of points and a lot of it is just differ
in greece. but as of this week, no longer do because the reaction of people in greece is not to say we messed up, we spend too much, it is to be angry about the politicians who want to cut back. and how do they take it out, they bombed the homes of tv commentators who support this. so that is a model for us? >> unfortunately that is the road we are headed down. i live in california and we see it coming faster. we shouldn't be that close to greece being on the opposite coast, but we are. john: another model for failure. >> he said i was a model and i take that as a compliment. i studied in greece and i love greece and i understand the greek people. i will go there and show the problems and come up with potential solutions and we can solve everything together. john: okay, we will have to talk about that. thank you, kennedy. later in the show, the president's own words. >> america has a debt problem. john: okay, that's not the actual president, but those are barack obama's words. next, how states may push back against imperial washington with the spark cash card from capital one, olaf get
when it seemed as if greece's economic woes had disappeared from the news, transport workers and medical staff went out on strike on thursday. the economy has entered a sixth successive year of recession, and locals are angry at the difficulties they have to face. >> protesters say the choice, consisting of the imf, the eu, and the ecb, have impose policies on the country that are crippling and dangerous. protesters are demanding changes. >> dockworkers walked off the job in greece. so did bus drivers. overground trains were not running in athens, either. another strike in greece in protest to deeply unpopular austerity measures. weather it is public transport workers or doctors, people are fed up with falling standards of living and cuts to wages. more than a quarter of the greek work force is now unemployed. >> we oppose planned cutbacks, and we want them canceled. we want collective agreements signed any back pay we are owed. employment conditions must meet the needs of the workers. >> it is unlikely these demands will be met soon. the greek government's hands are tied. pu
see what has happened in greece and i see it happening here. we're not exactly like europe. we don't have the cool cafes or speedos. don't get ideas. but obamacare was the biggest indication we're moving in that direction. the last election was the fact that it was on display that the dependency politics the new paradigm. not the typical people becoming dependent but suburban college educated mothers wanting free healthcare and birth control. that is hard to stop >> dana: when you were in germany filming the movies in the 1990s. >> bob: you did? >> dana: it's embarrassing. >> greg: to pay for gender reassignment surgery. >> dana: you said you notice that europe had gone from providing emergency safety net to people to comfortable nest and they can't affect it. starting to affect them. >> greg: i didn't listen to anything you said. >> dana: why? thinking about the movies? >> greg: she is wearing a blue dress so her head is floating in space there. goes her hands. >> dana: wardrobe! >> greg: i disagree with eric. bob as a former addict you can recognize people who are barreling towar
than plow along the path of greece, italy, and spain. making a comparison to the beleaguered countries in europe. do you think we could see a shutdown? >> i don't think so. republicans want spending cuts to happen, but newt gingrich said yesterday and a lot of other republicans will say this eventually. called it a dead loser. no one wants to see the country default. they might be pushing on something that isn't quite fair and you will hear other republicans quietly saying this. and the president, of course, will take this. very convinced that the popular opinion is behind him. so you will see him like kristen said earlier take this on the road. spin this to people, this is on the heels of the fiscal cliff. the white house thinks the leverage is on their side. >> thank you, both. what do you think should be the top priority for the 113th congress? talk to me on twitter. my handle is @alexwitt. >>> weather officials just canceled a tsunami warning in alaska and parts of canada. following a big earthquake, the 7.7 tremor hit at midnight local time, it created a small wave, only about 6 i
growth. this week the imf approved an additional $4 billion package for greece. this is about 45 minutes. >> well, good morning to all of you. happy new year. welcome back and thank you very much for being here in 2013. a few comments maybe to begin with on, you know, i'll take for 2013 given that there are few comments from various corners about what is it's going to be like. and i was trying to think of a formula to actually encapsulate how we perceive 2013. and my sense is that, you know, we stopped the collapse, we should avoid the relapse x it's not time to relax. okay? it's a nice buzz word for me, but i think it does encapsulate what we're trying to say. clearly, the collapse has been avoided in many corners of the world thanks to policies that were decided quite often by central bankers, often eventually by government authorities particularly in the advanced economies whether you look at the eurozone or whether you look at the united states of america, although often at the last hour the right decisions have been made. and as a result, the collapse has been avoided. our sense is
, but will be a downward slide to make us like greece. >> and the republicans willing to tolerate a temporary partial government shutdown and insist that we get off the road to greece? because that's the road we're on right now. >> the uncertainly of whether or not we're going to deal with this deficit and the answer is sequestration, is still sort of undermined in the ability of business and investors. >> greta: and you just heard from him. congressman darrell issa, the country would go into a slide like greece. congressman issa, nice to see you. >> nice to have you concentrate on this waste in government, over and above all things we argue about, it slipped into every big bill. >> of course, there is no discussion about waste, i mean, the debate on this fiscal cliff has been about spending and revenues, taxes, but i haven't heard anything about waste from anybody. >> well, and greta, if you would have taken what shouldn't have been in last night's bill out you wofer at least taken it from the 330 billion net increase of spending down to something closer to neutral and it might have been more palata
pulling in cold air from the north. making things very unstable across italy over toward greece. about five to ten centimeters of snow away from the coastline is ended. italy near the coastline, around rome, you will see some thunderstorm activity, even into southern italy and off there toward greece. so widespread, rough weather will be persisting throughout the next several days, as these systems continue to run along. at least a little bit of a break in the iberian peninsula. once the next system comes in will bring in even more rainshowers. so one thing you have to look forward to, a little bit of a warmup in london and paris, now hovering at the freezing mark on your thursday. here is a look at your extended forecast. >>> we'll be back in 30 minutes with more news. i'm gene otani in tokyo. \s
of greece, italy and spain. president obama needs to take note and put forth a plan immediately. and pat tume voiced the same sentiment in week earlier on "morning joe." >> our opportunity is on the debt ceiling. the president made it very clear. he doesn't want to have a discussion about it, because he knows this is where we have lev range. we republicans need to tolerate a temporary partial government shutdown which is what it could mean and insist we will get off the road to greece. >> i don't doubt that 72% want to see the spending cuts. which way do you think the public sentiment swings if there is a government shutdown? >> i think that pat toomey is confused. it's a continuing resolution. if they don't fund the continuing resolution, the government will shut down. if they don't lift the debt ceiling, the economy shuts down. not only the u.s. dme, maybe the world economy, and the consequences are drastic. bottom line on this, michael, and you know this, nobody should be threatening or rattling sabers, everyone, president obama, harry reid, everyone knows we need significant spending
million people were out of work in november. spain and greece were the most hit with unemployment rates sitting at 20% respectively. and this was meant to gauge progress. >> they had a panicky field. he is now a hero for keeping greece in the eurozone. >> this is my second time in the chancellor's office, and i am happy to have the opportunity to speak to the chancellor. i want to make clear our country is making a lot of sacrifices to get back on track. the sacrifices continue to be felt in a sense. a record cold snap is hitting the homeless, and municipal workers are struggling to help them eat and find shelter. angela merkel focus most of her comments on the german economy and the need for economic growth to preserve jobs, while in the past she has talked about a third greek bailout, there are no such talks today. >> there is no reason for her to come up with another sensitive topic, especially not in times of the election. >> the next federal election is in september. that means she will do her best to steer clear of another bailout, which many see as inevitable for another nine mon
is what that could mean, and insist that we get off the road to greece. that's the road we're on right now. >> cenk: yes republican senator pat toomey from pennsylvania. and we have the senator from texas, he writes it play be necessary to partially shut down the government in order to secure the long-term fiscal well-being of our country rather than plod along the path of greece, italy and spain. and the republicans are off to their old tricks threatening to blow up the government unless they get things their way. we're going to hold our breath, we're going to take the ball, go home, shut down the government, all these things because they think that president obama doesn't have the nerve to fight back and that he will concede when those threats are issued. are they right? well that is an epic question. in order to answer that epic question, i think we need political correspondent just an epic. [ ♪ music ♪ ] >> cenk: all right, michael shure, we haven't run that animation for a while. >> no, for a long time. we had to come up with some dopey epic scene. >> cenk: all right, what do you
.s. -- if we don't cut spending to an equivalent amount, that we're in danger of turning go greece. here is the senator quote . . . so let me -- let me just ask you about that, though. because people often compare the u.s. to greece if in fact we don't slash spending. is that a realistic concern? >> no, for a variety of reasons. first of all greece has been in default about 50% of the time over the last 150 years. the u.s. has never defaulted. number 2, the u.s. government is borrowing at near historic low rates about 1.9% on a ten-year treasury bond. the greek government is borrowing at i think around ten right now, but some time during the past year the cost for greek borrowing on a ten-year basis was in the 40% range. so the rest of the world is saying to us, we believe your economy is strong. we believe you can easily adjust your spending and revenue lines over time to handle that long-term debt problem that is out there. right now the debt to gdp ratio in the u.s. is around 70. in greece it is around 150. >> jennifer: wow. >> and the u.s. government debt to gdp rati
greece trying to revive an economy on life support. >> new year for spain. but is there is little for the lively european country to celebrate. unemployment is over 26%, the worst since the '70s. joblessness among young people is over 55%. spaniards, under 25, have little hope. >> it's 2012 was a bad year, you can imagine the prospects that spaniards have. nothing. at the end, we all have to leave, just like our parents did to immigrate. >> strange recession worsened too. economic growth down last year. budget cuts and tax hikes to avoid a full-scale bail-out accord og the efforts are hurting short-term recovery. with backing from the european central bank might offer long-term hope. bond sales to write down spain's debt went well. >> we are getting indicators that it's slowly adjusting. start to turn in the coming quarter. >> greece might be building on a couple of years of austerit austerity. the country is qualifying for e.u. bail-out money. 2013 is bringing more protests. young and old in athens. unemployment in greece is higher than spain. and pensions are slinking. >> we are
, but it rhymes. and i think history disease rhyme. i think jefferson looked back to greece and rome to understand partisanship in his own era. we look back to the founding to try to understand it. what you learn is that there are some perennial principles. to quote jefferson, sometimes it's better to give as well as to take in a system like ours. we should not ever try more than the nation can bear. whatever is practical should always control what is pure theory. and the degree of what is practical can be determined by the habits of governed.
? countries like greece, italy and spain and france have done exactly what ryan wants this country to do. they cut government spending to pay off their debt. now the eurozone has posted record unemployment and poverty. we are facing $85 billion in automatic spending cuts on march 1st. we probably shouldn't trust republicans who think austerity is the best way to go for the american economy. let's bring in david cay johnston, professor at syracuse university college of law and pulitzer prize winning journalist. david cay, good to have you on tonight. >> good to be here. >> we're getting some numbers now that this progressive philosophy of government is a good thing. is government spending good for the economy? are we finding that out now in the last quarter? >> yes. and we need to spend more money on those things that invest in the future. education, infrastructure especially that we've been using up, research, those are things that will make us more prosperous in the future, not the kind of proposals paul ryan has. >> now, not to overstate this, but is ryan really in your opinion, profes
's daughter stephanie shows us this savory dish inspired by her trip to greece. . >>> 7:23. sausage and peppers on tap for this edition of tony's table. the savory dish inspired by tony's daughter's trips to greece. >> today we're going to make a wonderful dish that's so mediterranean. steffi, had you this in greece? >> i did. one of my best friends is greek. this summer, i went to greece for her for a few weeks. this is something you can get on the street. >> it's simple, sausage and pepper, with a twist, feta, or regular oregano, simple. these peppers are great. >> they are all over the mediterranean. >> and we've got the red peppers, the white onions, and what else? >> we use turkey sausage. >> okay. >> hot peppers and extra virgin olive oil. >> and that's it. sausage in first, browned it, put everything else in there. we don't want to cook it for too long. >> no, just until everything is soft and you can eat it in a sandwich. >> perfect. i want to finish this off, put a little bit of parsley on top, red pepper. i love red pepper. >> use
last year. china hasn't had a hard landing and greece didn't get kicked out of the eurozone. if it keeps going, then why is anything going to change on that? >> look at all those negatives or negatives that didn't happen. america didn't boil over the fiscal cliff. what does that mean? what that means is that america, which is now nearly robust now is able to stand on its own feet with tax cuts and overextended spending plans decided not to necessarily do that. but actually, that would be the best sign of intermediate health that you could have. so we have this weirdly twisted view of the world at the moment where really in the long-term is good, it's considered in the short-term bad and, therefore, markets are -- >> how about regulation? >> very much so. funny you should mention that. mervyn king calls this a paradox. and exactly what has happened is them coming out and saying they will give much more time is exactly what mervyn king said they should do. but you know why he said that? he said that because that's not really the issue. and they're on the balance sheet. everyon
are overspending and massive debt remain unresolved. in my opinion, we look more and more like greece. that's my opinion. okay. and later this hour, democrat strategist and former clinton advisor doug schoen tells the company, are we like greece? is this deal affecting america's prosperity. i'll ask him the top of the hour. and grover norquist, is he backing down from his no-tax pledge? is he hedging? find out, ten o'clock this morning. go to our facebook page, tell us what you think about the deal that we've got, you're happy with it. if you are, we want to know why. we'll read some of your comments on the air. tell us why we want that in there. the markets, they've got their answer on the fiscal cliff, a deal has been done, the result is yes, it is a rally. we're going to see a big gain for the dow. it's going to be big. the opening bell for this brand new year is next. night ♪ >> surely you recognize that music, don't you? that's played on the bah zuki? why are we playing that? because america looks a whole lot like greece in morning. why? we've got a fiscal cliff deal. all it does is rais
and will. it meant that greece stays in the eurozone and that, in fact, as halting and clumsy and awkward as the eu politics are, they're on their way to unified banking regulation in the eurozone. their crisis fund has stabilized. it's not going to be pretty and it's going to take a couple of years still, but we are on our way to a stronger and more unified eu, with or without britain over time. >> what do you think? >> a little bit too positive to me. i would say europe is probably not coming apart. different said statement than europe is coming together. i think the reason it probably won't come apart is greece, not france. sooner or later, that is the real test. the president of france is taking france in directions that are truly unsustainable economically. but for germany, it's one thing if greece were to leave, but for france, it can't leave. if you're germany, that's the whole core, the whole concept, the dynamic of post-world war ii european integration. germany will go to great lengths, i think really whatever lengths it takes to keep france in. europe will survive but economic
was totally messed up. this is not here. this is in greece. the socialist politician who scared world markets when he nearly -- see i saw the nearly. because he did -- he nearly became prime minister of greece last year is trying to change his image. he's on a world tour to meet with various global leaders. and he just arrived here in new york. his chief economic adviser is here with michelle caruso-cabrera our international correspondent. and last time you guys, i remember, you weren't in studio. you're better looking in person. but you were -- >> on the balcony in greece. >> in greece! on a balcony looking over what was going on. >> the protests in the parliament. >> welcome. welcome here. >> dr. john melios. or john. >> john is okay. >> so, alexis who scared everybody is trying to change his image. met with stroible of germany. how's it going? >> it's going well. he is not someone to be scared about. he's a politician who says the obvious. that in europe, and especially in greece, we need change. we need to move away from austerity. austerity creates a lot of unemployment, is a negative sp
you. thank you. >>> that was my interview with dmitry medvedev. >>> coming up, what is greece smoking? i'll explain. hold on, prilosec isn't for fast relief. cue up alka-seltzer. it stops heartburn fast. ♪ oh what a relief it is! [ construction sounds ] ♪ [ watch ticking ] [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ my question of the week is, what > welcome back to davos, switterland. tuesday marked an anniversary on this continent. my question of the week is, what was the elysee treaty? my question of the week. "a" a treaty establishing the president as head of state in france. "b" a treaty of peace and friendship between france and germany. "c" created european steel and coal community or "d" bringing france into nato. stay tuned. we'll tell you the correct answer. go to cnn.com/fareed for more of the gps challenge and also follow us on twitter and facebook. remember, if you miss a show, go to itunes.com/fareed. you can find audio and video versions. >>> this week's book of the week is "the idea factory." bell labs and t
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